ALLIANCE Select Foods International, Inc. (ASFII) reported its net income attributable to equity holders of the parent rose 76% to $2.52 million in 2018, on the back of robust sales of tuna.
In a regulatory filing, the General Santos City-based seafood company said its revenues jumped by 35% to $97.13 million last year, from $72.19 million in the year prior.
“Overall, it was a record year for our company following a series of high points for (ASFII). 2017 was our turnaround year. Our 2018 result shows that the positive trajectory is sustainable and long-term,” Raymond K.H. See, ASFII president and CEO, was quoted as saying in a statement.
The bulk of revenues or 71% came from tuna-related products, with the rest from salmon-related products.
ASFII said revenues for tuna segment grew 59%, while the salmon segment saw a 3% decline in revenues.
“The continuous enhancement of key processes in the organization enabling instantaneous response of bid/offer requests, well-timed procurement of raw materials, efficient production and dependable delivery of orders translated to volume growth in export canned tuna business by 36%,” the company said.
On the other hand, ASFII attributed the flat revenues from salmon-related products to the “re-focus on branded products in the USA and supply issues resulting from the algae bloom in 2017 in New Zealand.”
Finance costs surged 91% to $1.5 million in 2018 due to higher borrowing rates and increased working capital requirements to support its operations.
In a statement, ASFII said it introduced new products such as pouched tuna variants and frozen tuna loins for export, and launched Bay of Gold, a premium brand of sustainably caught tuna with no preservatives.
“Alliance plans to implement and continue several strategic initiatives and optimization measures to sustain the growth trajectory of the Company, with a renewed focus on expanding business opportunities both within the Philippines and in the countries where we are present. In 2019, we will continue to build and grow. The strong foundation of work and systems our team has been putting in place will continue to bring us forward,” Mr. See said.
